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submitted 1 year ago by yogthos@lemmygrad.ml to c/news@hexbear.net
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[-] FloridaBoi@hexbear.net 37 points 1 year ago

Bigger than a pea

Indeed, even with the additional purchasing power, China’s GDP per person is mediocre, ranking 85th in the world and remaining firmly in line with the world average. Since China’s saving rate is so high, its consumer spending ranks even lower. According to the World Bank, individual consumption came to less than $9,300 in 2021, compared with a global average of $12,950. China’s figure, adjusted for purchasing power, remains lower than equivalent spending in South Africa or Peru.

Decrying the excessive savings rates of Chinese

[-] Infamousblt@hexbear.net 32 points 1 year ago

Holy shit lol, it just shows how skewed American metrics for this shit is. "Chinese people only buy what they need rather than spend frivolously and instead keep savings and that means their economy is weak" is pure capitalism brain bullshit. It just shows how completely illogical the capitalist brain is; why would you buy shit you don't need rather than just spend what you need to spend and save the rest just in case?

[-] PanArab@lemmygrad.ml 26 points 1 year ago

Workers saving and retiring early? How is that good for property owners? They need to keep on working at risk of bankruptcy and homelessness to an early grave.

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this post was submitted on 10 Jun 2024
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